IRS issues final regulations governing the health care individual mandate

08/27/2013 | Journal of Accountancy online

On Tuesday, the Internal Revenue Service issued final regulations, adopting rules proposed in January, on the mandate requiring individuals to pay a penalty if they do not obtain health care coverage beginning in 2014. The new rules define minimum essential coverage, discuss who is exempt from the rule, and outline the computation of the penalty. The rules are effective Jan. 1, 2014, when the individual mandate goes into effect.

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